Retail Sales Could Drive Growth in 2024 - MBH
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Retail sales could be the biggest engine of GDP growth this year as consumer confidence recovers, MBH Bank analysts told journalists on Tuesday, according to a report by state news wire MTI.
Chief analyst Zoltán Árokszállási said households could provide the biggest economic impetus this year, adding that real wages had climbed for months, while inflation had dropped back into the central bank's 3% +/-1 pp tolerance band. A general recovery of retail sales has been apparent since last October, and for even longer in the case of food sales, and the pace of growth could spread to other areas as well in the coming months as consumers make purchases for their homes that they put off earlier, he added.
Analyst Bence Báthori said the retail sector was on a "path of stable recovery" and pointed to a marked rise in non-food sales from the spring.
Csaba Héjja, a food and farm sector analyst, said the close to HUF 1.5 tln in funding earmarked for food industry developments could improve the efficiency of local businesses and make Hungary more resilient to dumping of foreign products.
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